Massive US Oil Caverns Sit Empty and Will Take Years to Refill
- Nation’s oil reserve is at 40-year-low after historic drawdown
- Experts say refilling will take decades, if it happens at all
Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply.
Goldman Sachs Warns Of An Imminent Oil Supply Shortage
After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in response to the cap.
Oil Prices Jump After Russia Says It May Cut Production
DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged it to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month.
Saudis say US sought 1 month delay of OPEC+ production cuts
Related:
Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut
The one-month delay requested by Washington would have meant a production cut made in the days before the election, too late to have much effect on consumers’ wallets ahead of the vote.
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To entice the Saudis to delay their decision, U.S. officials told the kingdom they would buy oil on the market to replenish Washington’s strategic stockpiles if the price of Brent, the main international benchmark, fell to $75 a barrel, according to U.S. officials and people inside the Saudi government.
Quid pro quo, huh?! 🧐💭
Ms. Cat’s Chronicles 
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